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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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scared of bankruptcy

my divorce has left me struggling to keep my head above water. my line of credit and credit card is maxed. i used them to pay legal costs. and became unemployed so it helped me to live and pay bills until i found employement. i am embarrassed to even consider bankruptcy. but as the days go by i find i am unable to keep up. its causing a great deal of stress. i am about to get laid off for the winter months.. what i need to know is… can i avoid going bankrupt( i will not run away away from my debts if i dont have to, they are my responsibility, not someone elses) but at the same time unemployment until i find another job wont exactly keep me afloat…. i am $22,000 in the hole from combined line of credit and credit card. is this amount manageable?

Posted from: Manitoba

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One Response to “scared of bankruptcy”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

The answer to your quesiton is entierly dependent on your cash flow. There is something called a consumer proposal and it would likely allow you to use a formalized, court sanctioned process to negotiate your debt down to more reasonable levels. The trick is do they fit into your cash flow.

At this point I think you are best to bring in a list of what you make and what you spend to a local trustee and they will help you determine if a consumer proposal would be possible and if so what the estimated amount you would have to offer to your creditors is.